專利訴訟對股價之影響－以專利主張實體為例

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Title:	專利訴訟對股價之影響－以專利主張實體為例
Authors:	黃莉婷;Huang, Li-Ting
Contributors:	產業經濟研究所
Keywords:	專利主張實體;專利訴訟;事件研究法;Patent Assertion Entities;patent lawsuit;patent litigation;event study
Date:	2017-08-15
Issue Date:	2017-10-27 13:59:12 (UTC+8)
Publisher:	國立中央大學
Abstract:	本文以事件研究法做為實證模型，探討專利主張實體在美國發明法通過後，專利主張實體提起專利訴訟對被告公司股價造成之影響，以及對本身公司股價造成的影響。實證結果顯示，當專利主張實體公司提起專利訴訟，對於自身公司股價，在提告當天有顯著負向影響；再將樣本限縮於原告及被告皆為上市公司，對於專利主張實體公司的影響及被告廠商之影響皆為負向的。再將專利訴訟依據判決結果分類成原告勝訴、被告勝訴，及和解，用以探討不同類型之判決結果，在專利主張實體提起專利訴訟當日或是判決日當日，對於專利主張實體股價的影響。本文之實證結果顯示，若判決結果為原告勝訴時，對於專利主張實體之股價影響，不論在提起專利訴訟當日或是結果判決宣告當日皆為正向顯著影響；當判決結果為和解時，對於專利主張實體在提起訴訟當天之股價影響為負向顯著影響。 ;This study aimed to examine the influence of stock price of Patent Assertion Entities (PAEs) and defendant firms around the filing of a patent lawsuit filed by PAEs. Using stock market event study method as the empirical model, we find that there exists a negative significant abnormal returns for PAEs at the date it file a lawsuit. Furthermore, we use the data only if the plaintiff are publicly listed PAEs and the defendant are either publicly listed company. There exists negative influences for both the defendant and plaintiff at the date PAEs file a patent lawsuit. Moreover, we classify the patent lawsuit into defendant win, claimant win and reconciliation by the outcome of the patent litigation to examine the impact of stock price of PAEs at the date it file a lawsuit or the date that lawsuit terminated. The empirical results of this paper show that there exists a positive significant influence to the stock price of the patent assertion entities either at the date of filing the patent litigation or the date the lawsuit terminated. When case resolution of the lawsuit is reconciliation, there exists a negative significant effect of the stock price of the patent assertion entities at the day of filing the lawsuit.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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